United States temporarily authorises transactions involving oil, gas and gold in Venezuela (5.636)

This circular explains recent OFAC general licences that temporarily authorise certain transactions involving Venezuela's oil, gas and gold sectors. London P&I also sets out the implications for carriage, due diligence and the current position on P&I cover.

It highlights the key limits of General Licence 44 and General Licence 43, including the expiry date for the oil and gas authorisation and the need for members to monitor further regulatory developments.